净利10年新低！ “风口捕手”周亚辉，All in AI亏麻了

Core Viewpoint - Kunlun Wanwei's aggressive investment in AI has led to significant financial losses, with the company reporting its highest net profit loss in nearly a decade, raising concerns about its strategic direction and future profitability [1][2][11]. Financial Performance - In the first half of 2025, Kunlun Wanwei reported revenue of 3.733 billion yuan, a year-on-year increase of 49.23%, but the net profit attributable to shareholders fell by 110.90%, resulting in a loss of 859 million yuan [1][2]. - This marks the largest net profit loss since the company went public in 2015, with the decline in profit attributed to rising operational costs that outpaced revenue growth [2][4]. Cost Analysis - The company's operating costs increased significantly, with operating costs rising by 106.21% to approximately 1.125 billion yuan and sales expenses increasing by 95.57% to about 1.828 billion yuan, both exceeding revenue growth [2][3]. - Management expenses also rose by 33.04%, primarily due to increased stock incentive costs [3]. Business Segment Performance - The internet sector generated 3.701 billion yuan in revenue, a 52.01% increase year-on-year, but the operating costs surged by 108.98%, leading to an 8.27% decline in gross margin [4][5]. - Within the product segments, advertising revenue increased by 61.05%, but costs rose by 90.16%, resulting in a gross margin decline of 8.48% [4][5]. AI Strategy and Market Position - Kunlun Wanwei's AI product, "Tiangong AI," has seen a drastic drop in daily downloads, falling to around 770 from a peak of nearly 40,000, indicating a loss of market traction [10]. - The company has shifted its focus from AI search and dialogue features to office productivity tools, raising questions about its strategic consistency and market competitiveness [7][10]. Investment and Market Confidence - The company's aggressive AI investments have not yet translated into significant revenue, with AI business revenue reported at only 39 million yuan, accounting for just 0.68% of total revenue [8]. - The decline in stock price by over 40% from its peak in 2023 reflects waning investor confidence, with shareholder numbers also decreasing [12][13].